The National Association of Realtors is full of great information at the moment about the ever growing and changing Real Estate market. They have just released their monthly pending home sales data and the news is excellent. Their Pending Home Sales Index has risen for the fifth consecutive month! That is the first time in six years since it has done that! The index rose 3.6% to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7% above June 2008 when it was 88.7.  The last time there were five consecutive monthly gains in pending home sales was in July 2003. Locally here in the Midwest the index increased 0.8% to 89.9 and is 11.6% above June 2008. With affordability being so good at the moment NAR have released their Housing Affordability Index data, which shows that the index remains very favorable.  The affordability index stood at 159.2 in June, down from record peaks in recent months but it remains 36.6% points above a year ago.  Under these conditions the typical family would devote 15.7% of gross income to mortgage principal and interest, well below the standard allowance of 25%. Here is a video from NAR on the latest data:

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